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The post Can India Afford To Ignore Bitcoin? Bernstein Asks In A Latest Note appeared first on Coinpedia Fintech News While Bernstein rejoices the newfound global crypto optimism post-Trump election win, Bitcoin has breached its all-time high, but as the world’s fifth largest economy and the largest democracy, can India afford to ignore Bitcoin, Bernstein asked in its latest note. NEW: Bernstein urges Indian government to consider #Bitcoin as a strategic reserve asset amid U.S. pro-crypto shift. pic.twitter.com/aRAIwyFWEi — Crypto India (@CryptooIndia) November 12, 2024 It wondered whether leading Indian asset managers can follow global peers in launching Bitcoin ETFs; and also talked about the role Indian regulators should play going ahead. While it has more questions than answers, but they attempt to suggest a Bitcoin pathway for India.  The Big US Shift Towards BTC and Crypto The US just elected its first crypto-friendly President-Elect Trump. He has promised a new future where US would be the Bitcoin and crypto capital in the world. There is an intent to make Bitcoin a national strategic reserve that would never sell any Bitcoin held by the US government and acquire new Bitcoin. Bernstein noted that India’s crypto narrative has been caught in this false premise of Central bank digital currencies (CBDC) and what the government calls ‘private crypto’.  “This framing is its own pitfall. India led the world in global payments and fintech with the success of UPI, today, the world’s largest payments network by number of transactions. The next logical path would be a CBDC which would digitize the rupee and further expand the India digital stack as a monetary tool for the government,” Bernstein said.  However, framing Bitcoin as a private currency missed the strong proposition of Bitcoin as a ‘store of value’ asset in a world dealing with looming…

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Filed under: News - @ November 13, 2024 12:15 am